Patience and Pricing

To settle the greatly heated debate of the current recession, here it is: now is the perfect time to buy a new home. And, if sellers’ homes are priced right to sell, they will.
Although it takes time, the market is still active and making a recovery. It’s important to keep in mind that the real estate market, like the economy, is cyclical. There will be peaks in the market along with valleys.
However, mortgage rates are at their lowest in recent years. Although selling won’t happen overnight, with efficient, focused real estate professionals, the number of days your home remains on the market can decrease.
The marketplace is more stable now than it was a year ago.
Some crucial things to remember when selling or buying:

Buyers--
· More options in housing inventory
· Fewer competitive offers on same properties
· Don’t have to pay asking price
· Various mortgage options
· “Wait and see” approaches are not always best

Sellers--
· Be realistic with your asking price
· Overpriced homes will not sell
· In high demand areas, there will always be buyers
· Properties will not sell as quickly as they did in previous years

Keep in mind that people will always need a place to live!

Mortgage Update! October 18, 2010

Don't miss out on these great rates! It has never been a better time to purchase a home! As we all know home prices have come down between 20%-25% from their highs in 2005/2006. Now combined with the great prices, the banks are practically giving mortgages away to those credit worthy buyers!

As of this morning, it is possible to obtain a 30 year fixed rate mortgage with no points at a rate of 4.375%. The 15 year rate with no points is even better at 3.75%. The FHA rate is 4.375%.

In addition, for those of you that are looking to make a move into one of our Luxury Markets, like Colts Neck, Holmdel, Rumson, etc. the Temporary Loan Limits that the government put in place are expiring on 12/31/10. What this means to you--the conforming loan limit that is normally $417,000 which was increased to $729,750 will no longer be available. This affords someone purchasing a home and needing to obtain a mortgage of between $417,000 to $729,750 to be able to keep the conforming rate without being pushed into a jumbo rate loan. GREAT OPPORTUNITY!

Of course, if you are looking to make a move in the Monmouth, Ocean or Middlesex County areas we are available to assist you. In addition, our in house Mortgage Representative, Michael Scarimbolo of SI Mortgage Group is available to assist you in getting a pre approval for a mortgage or to help you determine what your best mortgage options are. Michael can be reached at (732) 845 0300.

Call Anna @732-371-3233 or Leanne @917 596-2772 to inquire regarding properties you may be interested in seeing.